Cato Corp. profit rises 13%

DavidB. Wilkerson

CHICAGO (MarketWatch) -- Retailer Cato Corp. said Tuesday that its second-quarter profit rose 13% from the prior year on a 3% increase in sales. The company said net income was $12.1 million, or 38 cents a share, compared with net income of $10.7 million, or 34 cents a share, in the same quarter last year. Sales rose to $214.6 million from $208.3 million. In the third quarter, Cato expects earnings in the range of 15 cents to 17 cents a share, compared with a profit of 13 cents in the same quarter a year ago. Fourth-quarter earnings are seen rising to a range between 42 cents and 44 cents a share from 37 cents a share a year earlier. The company now expects to open only about 60 stores this year, down from its original estimate of 90 new stores, due to "delays in its store development process."

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